melissa: welcome. i am melissa francis. lori: hello. i am lori rothman. melissa: blaming the sequester for flight delay. it is just another example of shoddy management by the faa. lori: gas prices are tank. why good news may still be on the way. melissa: fed watchers in full speculation mode as bernanke has he will skip jackson hole. a first for a federal chairman in 25 years. what does it mean?

now, to the floor of the new york stock exchange. nicole petallides. nicole: we will get to some of the home builders in a second. right now you have a mixed market. the dow jones pulling back a bit. that 2.2%. last week was a rough week for the dow jones industrials. there is the tech heavy nasdaq. there is a look right now at how we have done so far. obviously, you can see that we have had a nice run this year. i wanted to also take a look at some of the homebuilders. we got in some existing home sales. pound .6% month over month. that is not good news there. the home prices that you saw

word. back to you. lori: seasonally strong time of year for home sales. overall, the u.s. economy is running below its historical trend. this is a study done by the index. my next guest says the economy sluggish growth may be the most ideal condition for investors. joining us is now jack. welcome to you. >> thank you, lori. lori: you see this as a prime opportunity. some new investment dollars could go into the stock market. >> yes, potentially. fair value in the market is probably about 1520.

we are slightly ahead of that. we have a lot of favorable factors. one, keep money. we have stocks that look cheap. if we can get confidence, you know, of investors, but also builds confidence picking up, i think you could see treasurers and armature treasurers start to exploit that difference. as long as the fed keeps the backdrop in place, then the market can go higher. we do not want to fall into a double dip type of scenario. on the other hand, we do not want anything too strong to suggest that perhaps the fed will take its foot off the accelerator. lori: if you have new money to invest, what type of stocks would you put in? >> sure.

along that theme of cash flow, if you believe, as i do, this is the first time in history where is higher than that of high-yield bonds. i want to invest in sectors like finance and healthcare. relatively cheap historical standards. both taking off a lot of cash flow. lori: i notice in your latest research, you're still overweight in of merging markets >> is a sector that is trading app probably 22-25% discount to the s&p 500. i would say not a place to be from a valuation standpoint. many of the countries in these markets do have a surplus.

lori: thank you for your% insight. >> thank you. melissa: governor to opec shooting down the idea that oil cartel would push up oil prices. phil flynn of the price futures group is in the trading pits of the cme group. >> i tell you what, the bottom line is there are a lot of questions whether opec has to do what it takes to keep oil prices up right now. they have a new major competitor here in the u.s. and lot of people are skeptical whether they can really control prices like they have in the past. today, oil prices are up on that. part of that, too, because of opec and a part of it is because of nigeria. melissa: let me ask you about

medals. gold prices jumping nearly 2%. >> the copper has really been getting killed for a couple of reasons. the focus with copper is china. they have that devastating earthquake over the weekend. there are concerns about global growth, copper under. if you look at physical demand, it is aptly soaring. a report that india gold demand may be 38% above where it was a year ago. we are over 100 hours and outs. that is an incredible amount of volatility. the other thing today, arizona is saying will take legal

manner. melissa: i know it has recovered a lot, but especially for the individual investor. >> i tell you, you do not want to have all your money in gold. if you wanted as a diversification, then you should still have gold in your portfolio we are concerned, or the market is concerned, that the central banks that have bought gold may have turned into sellers. that really started with the cyprus situation. it led to speculation that it would not stop with cipro. it would go through other european banks. that really took away a lot of the money. it is not going up because they will sell gold.

melissa: phil flynn, they give so much. >> thank you. lori: national average for gas is $0.35 less than what it was last year. california currently has the highest gas prices at retailers $0.94 on average. lower gas prices are good for drivers. not so good for the hybrid carmakers. this comes as the japanese automakers surpass hybrid car sales. the previous went back on sale in 1997. toyota up more than 39% in the last year. we do not have the -- we will try to bring it back.

in the meantime, twitter accounts for 60 minutes and 48 hours were hacked over the weekend. tweets were posted. cbs is working with twitter to investigate the breach. as of now, the of are still suspended. melissa: i feel like it happens all the time. more than one bad apple. apple iphone's return to manufacturer boxcar on. lori: tax-free online shopping could be numbered. melissa: take another look at metals as we head out to break. copper trading lower. we will be right back. ♪

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lori: it is time to make a little money with charles payne. he is taking a look at one of his favorite athletic companies. why do you like yoga pants? charles: i bought one pair of pants and connell will never let me forget it. melissa: for your self? charles: yes. the guy had a tremendous stuttering problem. i was so impressed with this guy. he comes to work everyday and he is not afraid. that is a whole different story. this sheer thing that they have the problem with, it is interesting. as the days have gone on, one thing we have learned is it is not that people are going anywhere else.

the core customers are saying, this is the product. we know they will have some inventory issues. i think, ultimately, we have learned that this is a product that people love and people will pay for. lori: some people like the chair pants. [ laughter ] charles: they said they will change the testing. they will change leadership and structure. by the way, last quarter, same-store sales were up 10%. phenomenal stuff. we know it is really volatile. i like it a lot geared i will ask you one trivia. the original name the company was going with -- lori: athletic? charles: radically hip.

melissa: people use to announce that all the time. charles: i thought it was lulu loan or something like that. athletically hip. any time you go into a store, and a guy is stuttering, give him a shot speed is a rotten batch ofones could cost somewhere between five and 8 million units. the phone is deemed unfit for sale. the iphones cost about $200 a piece to manufacture. this could cost them nearly $216 million. that could be a high estimate. still. lori: that is kind of chump

change overall against the bigger picture. melissa: what is the fallout? lori: good point. nicole petallides is on the floor of the stock change. nicole: they have come out with the numbers. halliburton is doing really well today. it is up nearly 51st. this is an intraday chart. what is interesting about what we have heard from the company is they came out with numbers. the message that the ceo has been translating has been pretty positive. customers are ramping up spending in northern america customers are increasing their budgets. we know what their plans are for the rest of the year.

this certainly gives shareholders confidence. melissa: that is good stuff, nicole. lori: 10,000 flight and delays delayed all because of the federal budget cuts. we are live at the airport. melissa: sending his rugrats, chairman bernanke missing the big jackson hall meeting. first, take a look at how the dollar is faring today. it is stronger against the euro, but weaker against the pound and again. we will be right back. ♪ friday night, buddy.

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♪ >> i have your fox news minute. u.s. officials have just brought charges against boston marathon bombing suspect dzhokhar tsarnaev while in his hospital bed geared white house spokesman jay carney said earlier that he will not be treated as an enemy combatant. they are scheduling a hearing to

question the fbi on the boston bombing suspect and the information that was out there leading up to the bombing. today was the funeral for krystle campbell. had gone to the race to watch a friend passed the finish line. president obama has called for a moment of silence for the victims of the boston marathon bombings next hour at 2:50 p.m. eastern. exactly a week after the first bomb exploded. let's get you back to melissa and lori. melissa: thank you so much. fred chairman ben bernanke skipping the annual jackson hole meeting due to a schedule

conflict. that news is already causing rampant speculation. this is a big deal. the fed chairman has been there 25 years. they use the of that to signal policy changes. what do you think is going on? >> i think again, chairman bernanke is opening the door that if in fact he is not re- appointed and i think the market expected before the announcement that he would not seek reappointment, they knew person would have a clean slate to work from. there've been not think that he would say in august that someone would have to change. i think a lot of discussion is that policy will change sometime in 2014. i think it makes it easier for the new person in not having to

overturn policy. melissa: not going and not saying anything almost has the same affect. market watchers were expecting him to come out and talk about leaning towards, you know, tapering those bond purchases. isn't that a signal in and of itself? >> to me, i know that having been there in jackson hole several times, it is very difficult with so much press around in so many other people having their discussions. by not going there and not discussing the tapering off of any policies, i think it just opens the door for the new person coming in, whoever that may be, to discuss policy and their own wife. melissa: who do you think that new person may be? >> i will leave that up for president obama to make the

decision. melissa: who do you think the market would like the most? come on, play the game with me. everyone is talking about janet yellin as a possibility. >> the odds are probably janet yellin. the market do have some concerns. again, a lot of her policy discussions are in line. governor janet yellin has become interesting speeches lately. it does appear that she is taking in the big picture in terms of monetary policy. melissa: how do you think the market will take them bernanke?

how do you think history will treat him? >> i think history will treat him well. in terms of longer-term path of policy, it always depends on the institution itself. to what extent do they limit their policies? it will be treated positively. melissa: thank you for coming on. we appreciate it. >> sure. thank you. lori: the taxman may be coming for e-commerce. peter barnes has more for us. how close are we? peter: getting closer, lori.

it has led to a titanic lobbying. and they ceo e-mailed his seller's asking them to fight this legislation. it appears it finally could pass congress this year. they need the revenue pretty badly. "for small-business sellers, it means that you would be required to collect sales taxes from the 9600 sales tax jurisdictions across the u.s. you will also be audited by out-of-state tax collectors. that is just wrong and unnecessary for year. speak they really want a level playing field.

peter: states say this legislation could help them collect $23 billion a year in additional tax revenue. california alone could pull in an extra $4 billion a year. the fire right now is really over an exemption for small online retailers. ebay, however, is pushing for an exemption of 10 million or 50 employees. lori. lori: both sides make a vital argument. peter: this got a test vote in the senate earlier this year. it got 75 votes on a pretty bipartisan basis. this legislation faces stronger opposition in the house from anti-tax. lori: thank you, peter barnes.

melissa: crying wolf. former department of transportation inspector says it is just another example of shoddy management. she joins us ahead. lori: a look at the breakdown. you do have shares in the right here. microsoft and caterpillar leading the dow. we will be back right after this. ♪

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melissa: time for stocks now. as we do every 15 minutes. let's head to the floor of new york stock exchange. our own nicole petallides who has some heavy hitters on the dow for us. nicole? >> you are not kidding, melissa. let's look at names we're taking a look at.

luckily for us they're all on the same post. we'll start off with general electric which you see is down 2.25. next to it is caterpillar up 2 1/2%. coming out with numbers for the quarter. i definitely want to focus on caterpillar. their profit fell, but it is interesting and they trimmed full-year guidance but they had given out numbers on friday thinking it would be worse than what they got. actually ended up being better than expected. bring you over to mickey d's, mcdonald's. mcdonald's is down about 1%. so that is certainly worth watching. year-to-date, it is a real winner. up 12%, cut by clsa. but they did have weak sales overall. they had just to do more with a low-priced menu to try to lure away the customers from some of their big competitors. back to you. melissa: nicole, thank you so much. lori: do you think the faa's warning that thousands of flights each day would be affected by sequester cuts

this weekend. let's see how this is really shaking out. rich edson is in reagan national with the latest, rich? >> here at national airport, about 15 flights delays, most of them less than one hour. most of the troubles as they normally are located in the new york city area airport. newark airport, between 15 and 30-minute delays. jfk and laguardia with 40 minute delays. jfk has runway maintenance. laguardia has high winds. the faa acknowledged not all delays are as a result of sequester furloughs. that's right, all the 15,000 folks that work in air traffic control hours have it take off one day every couple weeks that just started in the united states. there have been some delays, the airline industry said, 400 starting last night though that could build up the airline industry said would be thousands in one day. they are getting criticism the faa said they structure the sequester cuts though

the administration had no other choice. >> furloughs can not be avoided. 70, p of the faa's operating budget is personnel. they must furlough 46,000 employees for 11 days now until the end. fiscal year. that is why secretary lahood two months ago called on congress to replace the dumb sequester cuts and put instead in place a smarter approach to deficit reduction. >> republicans are charging politics. this is from bill shuster, the chairman of the transportation and infrastructure committee a republican. this disregard for the american public is indicative that the administration views as the sequester to attempt to score political points rather than address real issues and find real savings in a bloated federal bureaucracy. the airline industry says that these cuts could be designed much better. they say they have been designed for what appears to be maximum impact. they are suing the faa to try to overturn the way

these cuts have been structured. back to you. melissa: we are up-to-date. thanks to you, rich edson. melissa: despite the faa's dire warnings so far flight delays seem to be anything but sequester-related as you just heard. is this another example of the faa crying wolf? let's ask mary schiavo. former secretary with the transportation. faa playing politics. >> they can rely on constituent group, airline and air port operators to run to congress to attempt to put more money at the problem. faa published last september what they had to do. they waited until two months for secretary lahood to go back to congress to do it differently. the air traffic control workforce, their work hours, has fallen 26.4% since 2002. still in next year's budget

they want 100 more people. if that doesn't say the faa doesn't know how to budget and manage i don't know what does. out of 137,000 flights per day, they say five to 7,000 are going to be delayed. guess what, that is 5%. they're just using sequester numbers. that is politics. melissa: let's break down numbers you threw out there. they are really astounding. they're doing more than a quarter less work than in 2002 but keep increasing the budget every year. why are they doing so much less. >> because what we've done in the airline industry they have taken excess capacity out. the capacity in the airline industry reduced 11% in the last decade. so they're getting bigger planes and they don't have extra seats as we know how they fly. that is efficiency for the airlines. they have become much more efficient. remember a lot of planes don't use air traffic control. they fly into little uncontrolled towers. airlines have shrunken the excess capacity and made their planes bigger so they're more efficient. melissa: even still with cuts they made you made the

point they went across the board and as opposed to sitting down being good managers and saying where can we really afford to cut and where should we leave people, is that right? what should they have done instead? >> exactly, they have used their resources to deploy them where they really need them. we have to land a million flights a year. if we have branson, missouri, do the math, less than on average one flight per hour. what happened? with tower closures that made sense, close the nonessential towers. we have a national airspace system plan. we don't need all the towers. they know that. they announced they will not do that and pushed that off because of great push back. they don't manage the resources. in this era of tight budgets for them to ask for even more people next year is just shocking it shows they don't get it. by the way, medium hubs, traffic has fallen 40% in the last decade. and at small be hads it is 28. what they should have done redeploy resources to atlanta, new york, laguardia, chicago, charlotte. that is where they needed

them. they didn't do it. melissa: meanwhile faa administrator is saying 7,000 flights in 12 major airports and cities could see see lace. we could see delays up to 90 minutes. was it his responsibility to say something like that in order to warn people who might be traveling today? or do you feel as someone who has been inside the industry for so long that was a scare tactic? >> well it was a scare tactic because he should have been out there working to solve the problem last september when they announced sequesters were coming. that's what a good manager does. you know, he is not alone. i know him. he used to work with him years ago when i was ig. he is caught in the system that literally waits till the last minute and thinks the problem will go away. we knew it wasn't this time. i was in the government when we had to shut it down in the clinton era. there we knew it was coming but we were given orders not to try to hurt the public. we had to make sure as managers that we managed our resources so we got the job

done. i think that's a very different message. that is the kind of message that ought to go out. we are your government and we're going to make sure you don't suffer. by the way the though delays helped. if you have too few air traffic controllers in new york, chicago or atlanta, the ground stops will add a measure of safety. you want that. you don't want to be stacked 10 deep above laguardia. waiting on ground is better way to go. saves fuel and saves money. melissa: mary, thanks for coming on. so much knowledge. thank you. >> thank you. lori: stocks are losing ground. we're back on the floor of the new york stock exchange with trader reaction. melissa: battle for "the l.a. times", dennis kneale up next with a new high powered names entering the fray. >> take a look at interest rates. as we head to break. yields on 10-year unchanged. 30-year bond is also unchanged. the yield is 2.88%.

>> i'm adam shapiro with your fox business brief. existing home sales unexpectedly fell in march as inventory constraints continue to pressure home prices. according to the national association of realtors. but on the upside the average price for a house sale, rose nearly 12% from a year ago. the biggest increase since november 2005. shares of power one are surging on news of a buyout. swiss industrial group, abb, is buying the renewable energy company for about one

billion dollars. clothing retailer ralph lauren will pay more than 1 1/2 billion dollars to settle foreign bribery allegations by u.s. officials. the justice department and sec agreed not to prosecute after allegations surfaced one of ralph lauren's subsidiaries bribed argentina kmus toms officials in order to clear nds. that is the latest from the fox biz biz

melissa: an update on the breaking news we brought to you earlier this morning. boston marathon suspect dzhokhar tsarnaev was charged with using a weapon of mass destruction. the charges brought in his hospital room. the department of justice says that the statutory charges against him authorize a penalty upon conviction of death or imprisonment for life. lori: okay. "the los angeles times" of course switching gears here, beloved institution of

liberals in tinseltown but now some worry could fall into the wrong hands. conservative hands? those are the wrong hands? dennis kneale has the story. >> hey, twice. the controversial and conservative koch brothers, charles and david, energy billionaire, crude saiders against bloated big government, funders of tea party are said to be interested in buying "the l.a. times." that has nickers in a twist in liberal hollywood and elsewhere. that bastion of editorial page liberalism, "the new york times" published a big story on sunday describing this as a part of a 10-year strategy the koches to shift the nation to smaller government and less regulation and less taxes. horrors, smaller government. the koch brothers funded cato institute, heritage foundation as well as americans for prosperity, a tea party advocate. that rattles the editor-in-chief of the rap.com a hollywood website who writes, koch brothers are known for fun nilling millions of doll into

right-wing and ultraright-wing political campaigns. this should make anyone who cares about journalism nervous. the chandler family founded "l.a. times" in 1838 as conservative paper. no complaints were raised after reports democratic billionaires ron burkle and eli brogue were interested in big the "new york times" and. freedom. press goes to the guy who owns one. is it red or blue? it is green. money. tribune company just emerged from chapter 11 for the second time and the koch brothers bid may be the best because they want to buy all eight tribune newspapers together. the hollywood suitors? they want to buy only "the l.a. times". lori: did i detect a hint of sarcasm? melissa: i like that. right and ultraright-wing. >> there you go. melissa: dennis, thank you. melissa: that was great. as we do every 15 minutes let's check the markets.

mark newton, gray wolf is on the floor of the new york stock exchange. tell me the number one thing we'll look at the rest of the day to skied decide how to trade it. >> european indices and fixed income markets show signs of resilience last couple days. italian 10-year is breaking down to new lows. spanish yields accelerating on the downside. weaker european indices, and spanish and greece is showing signs of bouncing. although the markets peaked this time over the last couple years at least in regards to looking at europe which was a cause or coincided with that stress in years past, you haven't really seen that, in the last couple weeks. but today, if anything you see real signs of relief with some of these yields hitting new lows. melissa: mark, how do we finish the day here? do you think we creep into positive territory with the dow getting so close? >> the market continues to be resilient. the weakness held and we're showing signs of rallying. despite there are problems being much heavier on the

downside and breadth negative, momentum concerns are not reflected in price and being a technician you need to see signs of price deterioration before you get really concerned. melissa: that is true. mark, thanks so much. great stuff. >> thank you. lori: surprising reading on global confidence and a exclusive look at ernst & young conference a barometer. melissa: a look at the winners and losers on the nasdaq as we head out to break.

melissa: we have more breaking news right now. boston marathon suspect, dzhokhar tsarnaev was

charged with using a weapon of mass destruction. the charges brought in his hospital room. the department of justice says the statutory charges against him authorized a penalty upon conviction of death or imprisonment for life. lori? lori: talk more about the markets and the economy. it seems cyprus, perhaps a distant memory. preliminary estimates on european confidence shows consumers are becoming more optimistic about the state of their economy. the u.s. executives seek to agree. according to ernst & young capital confidence barometer. 90% think the global economy is stable or improving. we have a ernst & young america's vice chairman. rich, welcome. >> great to be here. lori: one thing caught us off far that your answer-- europeans are confident. what is that all about? >> that is one of the most interesting things about the survey, the countries in

europe had much greater confidence about their economy, particularly than the u.s. which is bellwether in stable economy was much higher. i think acuety of the political season in the u.s. has kept the u.s. down. lori: that's a good observation. i'm also curious there is something cultural to take into consideration too. are europeans everyday people as cognizant how at risk how sluggish their economy is? there are reports that germany, france, are at risk for credit downgrades? do you think people care about perhaps the way some americans do? >> probably not and the media doesn't focus on it in that way. we've gone three or four years without a truly major crisis occurring. there is lot of worries that cyprus, greece, could go down. and perhaps not as clear as some portrayed it to be. melissa: you said politics in the u.s. is influencing how optimistic your survey respondents are. you're seeing some improvement. what specifically are people keying into now. is the worst behind us or are they looking into new

things and opportunities? >> i think the worst is behind us. we had a bruising political season, a lot of concerns about the fiscal crisis and sequester. the impact is not as severe as market predicted. market hanging on strong. availability of credit is high. organizations are finally sort of slowly getting this behind them. they're more upbeat about growth, doing deals. and, deploying their capital. a number of the survey respondents actually said they would hire more in the course of the next 12 months. i think they're slowly sort of getting this behind them. there is growing optimism. still concern. nonetheless they feel better. i think bows the overall markets are hanging in there real well. melissa: your survey was done by the boston bombings and aftermath. do threats of terror, real terrorist attack do you think this could influence confidence in the next biannual report? >> we certainly had the analysis of that done in the past and sometimes it can. you look at the course of the last year, we had earthquakes and bigger concerns about broader

terrorists attacks. in fact incidents, if they're more systemic people fear they could recure. there is much greater connection to something that they overall populace will be worried about. they can have a impact on confidence. but markets hung in there really well last week. lori: the markets are hanging in but it is debatable where we go from here. with the 15,000 mark, chatting in the commercial break, pulled back from there. a lot of ipos come online. seaworld, fairway stores. there is growing debate where the economy and markets are headed. what is your forecast here for the duration of the year? >> the interesting thing about the survey there is confidence paradox. growing sentiment about improving markets. greater concern, excuse me greater optimism about employment. the deployment of organic capital. when you look at m&a aspects of the results of the survey, a lot of people think m&a is going to improve 75%, only less than a third think they will do m&a themselves. i think they will slowly dip

their toe in the water. how severe a financial recession we had. it will take time for the markets to prove it to them they're really ready to go, more capital and game changing bets. valuation gaps have narrowed. most de they will increase over the course of the next year. those that make the move will be rewarded. melissa: we have to cut it short. appreciate your analysis. have a good afternoon. >> great to be here. lori: immigration reform critical issue for the economy. some lawmakers want it to slow down in the wake of boston bombing. judge andrew napolitano breaks it down next with tracy and ashley next on fox business. don't miss it. change makes people nervous. but i see a rld bursting with opportunity, with ideas, with ambition. i'm thinking about china, brazil, india. the world's a big place. i want to be a part of it. ishares international etfs. emergingarkets and single countries. find out why nine out of ten large professional investors

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14,500. tracy: a lot has to do with surprising drop in existing home sales, raising new questions about the housing recovery all together. housing expert john byrnes will break it down for us. plus what long-term trend will hurt housing for years to come of the. ashley: the business of bionics. we'll meet a company helping people that thought they would never walk again do exactly that. that is fascinating story. the bionic suit. time for stocks now, let's go to nicole petallides on the floor of the new york stock exchange as we do every 15 minutes. nicole, mixed market on this monday. >> it is tough to read. we had back and forth action. see major averages are mixed. that is great way to categorize. tech-heavy nasdaq best of the the bunch. s&p also higher by three points. sitting at 1558 and dow jones industrials are to the downside. we have existing home sales are a little disappointing. we do have a mixed bag. most dow components are to

the downsize. i want to check in on two names, mcdonald's and general electric. both are declining for the fourth straight day. look at two familiar names, ge down 2.5%. mcdonald's down 1%. we've seen earnings and seen numbers. analysts came out. jpmorgan downgrading ge, to a neutral from a an overweight. company results on friday. that is unw reasons why they did that. lowered price target from 22 bucks to 24. mcdonald's rbc capital says should rebound. but what mcdonald's are using lower cost men use to lure in customers so lower profit margins. back to you. ashley: thank you, nicole. busily week for earnings on the s&p. thank you very much. tracy: the big debate on wall street continues. is the market in a pullback or is this the dreaded correction? what the heck is going on here? last week the dow suffered worst one-day drop. gold suffered the deepest plunge in 30 years. that fear gauge jumped.

we have to get the bottom line on all this, liz macdonald is here. what is going on? >> we wanted to go to wall street and say what is the consensus? will we see a correction of 10% or more? >> right. >> 5% pull back. >> tell youing is. look what happened since march, 2009 a pull back back. that is pretty much good news. average pullback was 7 or 8%. 25 pullbacks since march 2009. if you go back to world war ii, to date you will see 56 pullbacks averaging 7%. we have a fuel screen to show you those data points there. i'm not sure who has it. there it goes. you see it there, 56 versus the 25. ashley: right. >> you're talking, pullbacks. so we have seen though in 2011 we saw that dreaded 15% plus correction. again the consensus on wall street seems to be forming that, we're talking about the spring swoon. pullbacks are what we're

talking about. ashley: yeah. >> let's show you a little bit what market analysts are saying. increased volatility is symptomic of a break in extreme complacency in the market that is look out below!. we got market sunshine after a soft patch. economy and earnings will rebound in the second half, out of prudential. correction could be a good buying opportunity. from another guy at spoke investment group. we're seeing soggy economic data. earnings misses from ibm. google missed revenue. doesn't feel as bad as it was in years past. tracy: because, lizzie, this time last year we did not have the amount of liquidity in the market? ashley: thanks to the fed, yeah. >> that's a great point. also we do though have a negative read out of citigroup. we have to warn but the economic surprise index. that turned slightly negative. that is sort of a bad thing. i don't think it will feel as bad as years prior. it doesn't feel as jittery on the world stage. sort of view of politics.

tracy: we've been hearing that here as well. good stuff. ashley: emac, thank you very much. my first guest says stocks still have plenty more room to run in 2013 as the new washington budget showdown is set to make waves this summer. howard silverblatt, s&p dow jones indices. he joins me now. thank you so much. i don't know how much you heard of liz macdonald's report. there was prudential saying, volatility, perhaps complacency is being replaced by very real fears where we are in this market. but to tracy's point, fed keeps pumping in liquidity what is to stop the market from moving higher even though we see a couple blips along the way? >> two items. volatility increased. number of day where the swings have increased. but it is nowhere near where it was several years ago. volatility, if you want to use the vix is still extremely low compared to the historical average. liquidity is major issue. a lot of money coming into the market.

good and bad reasons. part of the bad reasons, individuals are tired of sitting on the side way they did this year and last year. seeing returns come in and them not getting any of it. that is not good when you chase returns but it is helping to push the market up. both those items. ashley: so you say, look the market would use a good shake-up and shaking up and down is always better than just going down so to speak. for investors point of view, how do you minimize downside risk of hanging on to your stocks too long. >> you know the situation and decide what liquidity needs are and issues, how much do you need money. if you can not afford to take the loss you can not be in the stock. we're not talking about major correction. stocks on a bull market, have to consolidate. have to come down. there are dispointsments on the way. if you are longer term you need to live through the money. you need to be able to shore it up. if you're on margin be able to support it. if not, you can not be in

it. markets are volatile and they will be more volatile. you have to be able to support your stock and know what you can afford to lose. not what you can afford to gain. what is your target, howard, for the s&p by year's end? where do you see that being? >> i look at underlying momentum in there, if i had to use a number, go farther out, one-year target. use consensus numbers which is 1700 on the s&p. 9 points from here. 15675 for the dow. the dow is richer in dividends so you make up a little. volatility on it. there is lot of issues between now and then. investors need to know their own portfolio and what their thresholds are. ashley: one of those issues of course the whole on going budget mess in d.c. that will come it head in the summer. how could that play out? >> a lot. especially if it starts pushing consumers again.

we are nervous about it last year. saw beginning of this year. see kest -- sequester is starting to come in. we'll see how that effects. if consumers see income reduce significantly, they will start pulling back. companies will react very quickly. not going to be waiting let's give it another quarter or so. definitely pushing consumer down through taxes or services, whatever it will be will impact the economy and therefore earnings almost immediately. ashley: no doubt. we're out of time. howard silverblatt, thanks so much for joining us. we appreciate it. >> thank you. tracy: the faa warned what happened and it did. flight delays up to two hours in some airports, partly thanks to the sequestration. now the faa just put out a new statement and we are live from reagan national airport next. american business waiting or outcome on immigration reform. some in washington want to delay it after the boston bombings. judge andrew napolitano on that story straight ahead.

first time to check on the oil, gold and other metals. you can see oil moving higher today, up about nearly 75 cents to 88.74 a barrel. this is america.

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tracy: here is breaking news. faa releasing a statement on employee furloughs and flight delays. rich edson is at reagan national airport with the latest. rich? >> they are giving us a little more detail what is going on with the air traffic control system and flight delay problems in this country. we knew yesterday 400 flights were delayed as a result of furloughs in air traffic control towers. now the faa is experiencing staffing challenges at new york center, jacksonville center, los angeles and controllers will space planes farther apart to

manage traffic with current staff. that led to delays including at new york's laguardia airport. we hear because of wind there were delays at laguardia airport. there was maintenance on the tarmac in jfk which led to delays there. there are 15,000 air traffic controllers in this country. everyone is going to have to take one day off every couple weeks without pay to manage the sequester it. the airline industry says that is not necessary. there are other ways the faa can implement these automatic budget cuts. there is real question as to whether or not the faa actually has a choice. >> the faa unlike other agencies is personnel heavy and, in the end you can not avoid, when 70% of your budget of your operating budget is personnel, you can not avoid when the cuts are as deep as they are in the sequester the kind of actions that are taken, these furloughs. that is an unfortunate fact of arbitrary, across-the-board cuts like this. >> the faa is playing

politics and something they do very well because they can rely on their constituent groups, airlines and airport operators to run to congress in an attempt to put pressure on them to throw more money at the problem. >> so we have about a dozen flight delays here out of national airport, many of them going into new york area airports. it is tough to differentiate whether it is a problem with air traffic control or flying system you will get delays. you can't go into this assuming before sequestration and furloughs there were no delays at any airport. trying to figure out what the exact impact is rather difficult. however the airline industry said is could delay up to a quarter of flights in the country on daily basis, if in a worst-case scenario. back to you. tracy: rich, it will be catch-all excuse for any delayed flight going forward. ashley: just an average day at laguardia. newark. jfk. shale boom continues and our good friend charles payne is

here with a stock that might help us make money off of it. charles. >> eog resources. there was a today a report out by the texas rail commission on february crude traffic. the numbers are, it is up more than 100% year-over-year and even january's number was revised 50% higher. it is absolutely amazing, eog operates, they're all over the country. they have the bakken. they're heavy in texas. leonard shale, all the fields are doing really well. what i like about the company, 2006, 79% of business was natural gas. they flipped it around now, 88% is crude oil. tracy: wow. >> these guys, one industry --. ashley: why would that be, charles, given natural gas is such a hot topic these days? >> natural gas is hot topic but somewhat limited to upside. it already regained market share in electricity, i'm sorry, coal has regained because natural gas gone up

nearly $4.50. ashley: right, right. >> you have resistance level for natural gas. what they have actually been doing is pumping out less natural gas or sometimes using natural gas to pump it back into the field. whereas crude oil, when it breaks out it really breaks out. it has a lot more upside potential. it is considered one of the best operator companies in the facility. they own their own loading facilities this very important. this rail by train thing is huge, absolutely huge. so funny when we talk about keystone. crude by rail is a big thing and these guys own their own loading and unloading facilities. i like this one a lot. acting really great. i think it will go much higher from here. ashley: eog. >> eo. about. ashley: thank you. tracy: do you have rubik's cube cufflinks? >> i forgot what they were. they look like a little rubic cubist. tracy: they're really cool. quartee past the hour.

nicole petallides still down there. hey, nicole. >> i don't know who is a fan of roller coasters and old ride, free fall, maybe you remember that one, six flags. look how the stock iser faing right now. it actually traded to a all-time high. they're up 6.5%. came out with up in members. revenue rose to record 88 million, obviously 2% versus a year ago. they saw attendance on the rise, up over 40% for attendance much the stock is trading on very heavy volume. that is a nice run-up. there is a great three-year chart there for you. another exciting name would be seaworld entertainment. here on friday, it was penguins and otters and monkeys and entertainers. they own busch gardens. down just fractionally. the key story it happened on friday. and it surged over 34, 24%. big jump. traded as high as $34 and change. huge move on friday and didn't give much back at

all. down 15 cents for the new ipo. tracy: everybody loves shamu. thanks, nicole. see you in 15 minutes. ashley: great, shamu. tracy: big whale. ashley: love the penguins. tracy: weaker-than-expected existing home sales raising new doubts about the housing recovery. real estate consultant john byrnes will tell us the best and worst signs for housing right now. ashley: but first, le's check how the u.s. dollar is doing today. pretty much of a mixed picture, up against the euro. the pound up against the dollar at 1.5270. it is a very mixed picture. as is the markets today. we'll be right back. friday night, buddy.

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>> at 21 minutes past the hour i'm arthel neville with your fox news minute. president obama is calling for a moment of silence for the vick tips of the boston marathon bombings in about 30 minutes at 2:50 p.m. eastern a week after the first bomb exploded. massachusetts governor deval patrick asking commonwealth residents to pause at 2:50 p.m.. the justice department charged the suspect in the boston marathon attack,

dzhokhar tsarnaev with using a weapon of mass destruction against person and property. attorney general eric holder announced the charges earlier this hour. tsarnaev is severely injured in a boston hospital under armed guard. today was the funeral for chris tell campbell, one of three people killed in the bombing. she went to the race to watch a friend cross the finish line. -- krystel campbell. her funeral was in the hometown of medford. that is the latest from fox news. back to tracy and ashley. tracy: arthel, thank you very much. existing home sales fell unexpectedly in march. our next guest says the sales remain on track for recovery and seeing declining shadow inventories and returning boomerang buyers are positive catalysts. john burns, of john burns real estate consulting joins us now. last time you were here you said the market is propped

up about by investors. what happens if they are done and they decide i don't want to be in the rental business anymore and dump it back into the market? >> i work for a lot of these guys. i don't think they will dump them on the market unless they see recession coming or home prices trending down which i don't see anytime soon. they need entry level buyer to come back. they're 30% of activity which is the norm. with so many people under water you would think it would be 40%. would i like to see the enentry level buyer come back in. tracy: kids in 20, 30s, saddled with debt why would they think of about taking on a mortgage regardless how low interest rates are. >> we're marking that gen-y will have 5% less houses because of the debt they're carrying around will prevent them from getting a mortgage. tracy: what bothered you about today's report? >> not really much. it was flat from february to

march. that is normal spring recovery. pretty much exactly what we thought would happen. tracy: what happens coming into the summer? people will get off their butts and go buy a house? >> if you're focused on the payment, you better get off your butt. i know people have been saying for years interest rates won't go lower and myself included and they have but prices are definitely trending higher right now. and i do think it is a great time to get in. i think more price appreciation we see, more existing homeowners you see will sell their home to come back into the market. tracy: it has to do with inventory, doesn't it? with california at 2.4 month supply of inventory that is just crazy? >> no, my staff in sacramento are getting unsolicited offers to buy their homes and they're not for sale. people are desperate to buy a home in california. it is a much different story in the west than it is in the east. tracy: southeast you're at 8.5 month supply. florida is little better but not great. why the big differential especially with california beating you up with state

taxes? >> i know. my clients in texas are seeing a surge of california business owners moving there. i think that is part of it but the southeast was very late to the economic recovery here. there is still a lot of homes on the market and investors aren't predicting a lot of price appreciation in the southeast. you're not seeing them scoop up as much inventory as they are in california. tracy: millions of dollars poured into the mortgage market thanks to the fed but that is not getting people off the couch. what will it take for the first time buyers to get pack out there? >> mentioned desht issues. that will be a problem with a lot of people for years. what we've been saying and we've done a lot of consumer research on this, when people look in the rear view mirror saying i should have bought six months ago, i should have bought 12 months ago you will start to see more people get n i think that word is getting out. entry level buyers in california especially to jump more than they did in march. that is biggest surprise.

tracy: you feel like you missed the boat, john burns, in john burns real estate consulting. thank you, sir. >> you bet. ashley: making offers for houses that are not even for sale. that is how bad the inventory is. tracy: in california of all places. crazy. ashley: should companies have the right to look at employees social media accounts? one regulatory group says absolutely yes. they claim it is about protecting you and not invading your privacy. tracy: i don't know about that. as we head out to break let's look at some winners and losers on the s&p 500. netflix is up almost 8% today. the dow is up about 30 points right now. we'll be right back.

>> 90 minutes until the close, the dow turned positive. energy stocks up, industrials down, nicole petallides on the floor of the new york stock exchange. nicole, what is going on? nicole: take a look, green on the screen for the dow jones industrial city in 14570. completely different picture than what we were earlier today for the dow jones industrial. health care sector doing well, let's take a look at some of the

names that have helped bring the dow jones us feel positive. disney, johnson & johnson all-time highs. should note johnson & johnson has been a big favor with the momentum players because it has hit a high of 42 times this year. we also have pfizer and coca-cola on there as well. after a tough week last week. tracy: thank you, nicole. we will see you in a bit. dennis: should your employer have the right to look at your facebook or twitter accounts? many states have introduced privacy legislation this year, but those laws are coming under fire from a very unlikely group. interesting story. gerri willis to join us on this discussion. what is the issue here, what is the group? >> a couple of groups a lot of wall street firms on wall street regulators. wall street executives need

access to their employers twitter feeds, to their facebook posts because at the end of the day this is where so much frodo christmas industry. people doling out advice they shouldn't be, and they want to keep control of it. the problem is a lot of people feel like that violates my privacy rights. this information should be mine and mine alone, not my employers. dennis: if you put it on facebook, is that really a privacy issue? >> yes, because you can lock down your facebook page only people you want. talking access your facebook page whether or not it is locked down. it is an interesting turn of events given so many states, california, illinois, michigan have already passed legislation to keep it private. 35 more states pursue the same kind of legislation. a lot of people realize this is their private information and data. you don't want it to get in the

hands of somebody you don't know, or maybe you want to say something about your employer. tracy: they're using it already, people who don't get jobs out of college because they posted stuff they shouldn't have done in college. it is already happening. >> all of the laws of any event allows employers to look at this private stuff to do some sort of investigation. if you are the cfo and misleading. but for the average joe wall street worker, trader, secretary who answers the phones, should these people have to be subject to this? i think it is a good question, and it is a broker dealer, why not your employer next, why not media, why not retail. a slippery slope. we talk about privacy very nearly every night, it is in the

block, and a new study that shows 76% of average investors don't want to be in stocks. amazing. dennis: a lot of money on the sidelines, for sure. don't miss "the willis report" tonight 6:00 and 9:00 right here on fox business. tracy: i am pondering that, i don't know how i feel. dennis: i know she says it is locked down, but if you don't want something out there, the worst place you can go is facebook and twitter. tracy: right. dennis: but it is a good privacy issue. tracy: leave it at home. dennis: i know that is what you do. tracy: boston terror and the immigration debate. if the u.s. should put immigration reform on hold for now. dennis: plus, small business, big ideas. one company helping people with paralysis walk again. but a time to check the 10 and 30-year treasuries. we will be right back.

change makes people nervous.

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conflict. the fed chairman will not atte attend. budget cuts are not so much an impact on businesses. 93% surveyed for business economics said higher taxes and lower government spending had no impact on employment levels. in the days of tax-free internet shopping could be in danger. the senate planning a vote on the internet sales tax bill as soon as this week. estimating state and local governments lose about $20 billion per year in sales tax revenue to online sales. that is the latest from the fox business network giving you the power to prosper.

tracy: breaking news for you now.

better than the drops we had seen last week. dennis: in today's "small business, big ideas," imagine an ironman like exoskeleton for people who didn't think they could walk again do just that. through the use of motors and sensors that helps patients who have lost the use of their legs to walk again. there it is again. it is used in 20 hospitals and rehabilitation centers in the united states. joining us now, nathan harding. thank you for being here. this is fascinating stuff, really kind of out of a sci-fi movie stuff. whenever you use the word bionic. utawho cofounded the company bak in 2005. how did you come up with this idea and why? >> are working on military exoskeletons at the time and had a huge breakthrough where we were able to lower the power consumption of state-of-the-art

exoskeletons by three order of magnitude. that was a big deal. we decided to file the patent, get into business and about that time we also had a doctor come in and showed us a video of paraplegics trying to walk with leg braces. explains to his doctors would like the patience to be able to do this a lot. but it is kind of death-defying. really, really tiring as well because they have to do everything with their muscles up here be at essen as we saw the video, we realized we can do much, much better than that. dennis: how exactly does it work? >> has a number of modes. to start the physical therapist presses the button for you. you graduate to looking at all the different body parts and you have your shoulders off over your lead foot, to take the next

step for you. making it a fluid, nice walk. dennis: so where are these devices available now? hospitals and rehab centers? >> yes, hospitals and rehab centers in the u.s. and europe. we have two individual users in europe, it's a little bit different there. they are used in rehabilitation centers, you can go in for the health and wellness visit and get to use one. what is much remarkable is the way we designed it to be so easy to use, every patient that passes the screening test that gets to do 200 to 400 steps in their first visit and that goes up over time until they get to about 2000 steps. dennis: it cost $110,000, is that right? >> that is right. lilly software opera package that can make the device applicable to stroke, which is very exciting.

dennis: that is where the expansion is going to come from. >> yes. we will be breaking into the real state training market, dramatic brain injury, not take the patient base and multiply that by 20 to 50 times. dennis: thank you for being here. we're already out of time, but thank you for explaining to us what the bionic suit does. we thank you for that. >> thank you for having me. tracy: that is so cool. tom cruise flopped at the box office three times in a row in three years although i'm the only one only person enjoyed "rock of ages." now look at how the actor fare with his latest film. >> so, "oblivion" had to wield her mirror -- world are near. it is good news for tom cruise. raking in $36 million over the weekend when in the box office. that pushes this vehicle

worldwide growth in two weeks. opening two weekends ago. jackie robinson biopic "42" took the second spot. "the croods" in third. and the number five finisher, "g.i. joe retaliation." almost half a billion dollars for "oz." in hollywood, as you know coming only thing that counts is last weekend's gross. the win for "oblivion" even more impressive because this film is not a sequel, it is not based on some existing comic book franchise, this one was

$150 million to make and stands on its own. but even tom cruise knows "oblivion" will not stand for long. "ironman 3" will blow "oblivion" into oblivion. tracy: dennis kneale, thank you very much. ashley: massachusetts is about to leave the nation in a moment of silence. that is coming up. and racing course to delay immigration reform. looking at both sides of that issue next. tracy: but as we go to break, take a look at today's winners and losers on the nasdaq. we will be right back.

tracy: a quarter until, stocks as with every 15 minutes. before the new york stock exchange, mark newton joins us now. how did you feel coming in today with everything that happened last week. constant talks, is the market breaking down, what is happening overseas, it all comes down with your first trade monday morning. how did it go? speak of the embassy held what they needed to. this morning and last week. the s&p getting below 1350, the industry ha is still in a good shape. a number of concerns involving the volume be much heavier on the downside. consumer staples and utilities broke out new&-á highs against e s&p. this is a sign when the market is pulling back, not rallying. still looks like we can push higher.

energy, technology, materials, all groups suffered in recent weeks. the energy looks like a fairly decent risk-reward here. have a big pullback since early february. tracy: you make a good point. should this be a resounding alarm goes off for everybody sitting at home on their cash. the market did not break down after all that happened, you have to get into it. >> you have to really let price dictate what you do. unless you see signs of deterioration, still makes a lot of sense to be long some stocks particularly energy and technology. tracy: i think a lot of people will look back on this and say i wish i was in it. ashley: we have some breaking news for you. massachusetts about to lead the nation in a mark of silence to mark one week of the boston marathon finish line. first bomb exploding at 2:50 p.m. eastern time, the bombs killing three people and injuring dozens more.

today people around the country are taking part in a moment of silence to remember the victims, massachusetts governor leading the event, on the courthouse steps in boston. the boston mayor at the clock, the hometown of eight-year-old victim martin. let's go to boston. [silence]

>> thank you, everyone. god bless the people of massachusetts. boston strong. [applauding] ashley: massachusetts governor deval patrick observing a moment of silence in memory of the victims of the boston bombings one week ago at 2:50 p.m. eastern time. the first bomb exploded and use of pictures from people in the streets of boston, congress, was on the floor of the new york stock exchange while observing a moment of silence.

tracy: cme honored as well. in the wake of these boston bombings, some senators are now fallincalling for a delay in the immigration bill. the gang of eight bill this morning. our fox news senior judicial analysis and napolitano with us now. just seems like a lot to talk about right now, isn't it? >> it is a lot to talk about, no question that dead brother and the surviving brother were immigrants, also no question, just finished reviewing an affidavit filed with the federal court in boston a few minutes ago the evidence of guilt is overwhelming. all but the construction of the explosive devices and the delivery to that neighborhood was on tape. we have these guys on tape carrying the backpacks, placement backpacks, walking away and looking unfazed when the explosion went off.

a great deal of other forensic evidence, so the question is will this tragedy of monumental abortions in boston seeped its way into the immigration debate in d.c. i think it probably will. when paul has already said this is not an environment in which to address this. there are serious allegations of what they knew and did not know, and we'll have the benefit of hindsight. we are all monday morning quarterbacks on this, but because of his and issue intricately woven into legislation, we ought to let the dust settle, the emotions calm down before we address it. ashley: when you look at the root they took, everything was done legally. they went through the process, the younger brother became a citizen on 9/11 last year, the older brother held a green card, they filled out all the forms. what did the fbi now reportedly, allegedly i should say, knew

they were tipped off the older brother, there was concerned about him. from an immigration point of view, some say they got through the cracks. tracy: fbi does not monitor immigrants. the fbi would only get involved with immigrant if there is credible allegation of criminal activity. it did not rise to the level of prosecution of credibility. they can only go forward with and do something with evidence when there is enough evidence to move forward with it did not exist at the time. i don't criticize you eye at all. there were some republican senators criticizing the fbi. senator rand paul is not among them but i believe he said let's just wait. we want to address immigration,

but we need to wait and find out more about what happened and if this tragedy is a window to other potential immigration problems. tracy: can we change course a little bit. aranda writes, enemy combat, not being tried as one and was not read his rights. >> the supreme court's case in which miranda gave a course confession. said confessions have to be knowing, meaning you have to tell the person they don't have to confess, they don't have to talk to you. numerous supreme court cases have picked up on this and said the government must always tell you when you're confronted with a government you don't have to speak to the government. protecting the freedom of speech also protects the right to remain silent. but the supreme court said most people don't don't have the right to remain silent.

so you, government, fbi or travel cup have to tell whoever you are interrogating they have the right to remain silent. that is what is not being honored, from what we understand. whatever he said could affect other evidence that independently obtained. it is risky not to read miranda rights and a violation of the constitution not to do so. so the government treads in danger when they try to strike information and somewhere we will not use that against the defendant. tracy: the emotional side of me says too bad. speak of the. >> the emotional side if he wants the guilty charge. tracy: "countdown to the closing bell" is next.

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